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Chapel Hill, N.C. — Ignoring the pleas of students to limit tuition increases, the Board of Trustees for the University of North Carolina at Chapel Hill on Thursday approved one of the largest increases in recent memory.

Under the plan, which still must be approved by the UNC Board of Governors and state lawmakers, tuition for in-state undergraduates would go up by $800 in 2012-13 and at least $583 a year over the following four years.

The UNC Board of Governors implemented a 6.5 percent cap on tuition increases across the university system several years ago, but the cap allowed campuses to impose a one-time increase beyond the cap to "catch up" to tuition levels at competing schools nationwide.

got to love this part though

Students said UNC should dip into its $2.2 billion endowment before forcing students to make up for state budget cuts. They say they are graduating with too much debt or are being forced to stop their education altogether because of rising costs.

Officials said much of the endowment is earmarked for specific uses. They also noted that 45 percent of the tuition increase will be set aside for need-based financial aid.